Crude oil prices experienced a slight decline in recent intraday trading, as the market tested the critical resistance level at $61.50. This price point serves as a key threshold for determining the direction of the upcoming trend.
The current short-term corrective bullish wave is supported by positive signals from relative strength indicators (RSI), suggesting potential for upward movement. However, the price remains under persistent negative pressure, as it continues to trade below the 50-day Exponential Moving Average (EMA50). This moving average acts as a significant obstacle to further upside momentum, making the $61.50 level a pivotal point for the future price action of crude oil.
Related topics: